Bob Dudley's 'honeymoon over' as BP shares fall 30% since spill

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The oil major's second quarter output fell 11% in the three months to July thanks to lower production in the Gulf of Mexico, where BP has not restarted drilling, and oil field asset sales.

Replacement cost profit, BP's earnings without the impact of its inventory, was $5.6 billion (£3.4 billion) for the quarter, 13% higher than the same time last year, but below analyst forecasts of $5.95 billion.

The figures saw shares in BP slip 12.4p to 463p - some 30% lower than at the time of the oil spill in April. Richard Hunter, at Hargreaves Lansdown, said chief executive Bob Dudley's "honeymoon period is over. Investors are now calling for a potential break-up of the business to release further value for shareholders. The absence of a fresh strategic thrust may continue to weigh on the shares".

There was further embarrassment for Dudley,
as BP admitted AAR, its billionaire partners in
Russia which blocked his much-vaunted £10 billion Arctic tie-up with Rosneft, plans to seek compensation. It claims BP broke its shareholder agreement.

BP is paying $1.3 billion to shareholders through a dividend of seven cents.